YOU’RE LOOKING FOR THE GOVERNMENT SMALL BUSINESS LOAN FUNDING!
FUNDING PROGRAMS FOR SMALL BUSINESSES
You've arrived at the right address! Welcome to 7 Park Avenue Financial
Financing & Cash flow are the biggest issues facing business today
ARE YOU UNAWARE OR DISSATISFIED WITH YOUR CURRENT BUSINESS FINANCING OPTIONS?
CALL NOW - DIRECT LINE - 416 319 5769 - Let's talk or arrange a meeting to discuss your needs
EMAIL - sprokop@7parkavenuefinancial.com
7 Park Avenue Financial
South Sheridan Executive Centre
2910 South Sheridan Way
Oakville, Ontario
L6J 7J8
Government business loans in Canada. When you understand the' rules ' and the ' lingo ' (the language of SBL Loans) you are of course well primed to achieve business funding success. Let's dig in.
MORE AND MORE ENTREPRENEURS AND BUSINESS OWNERS ARE EXPLORING THE GUARANTEED GOVERNMENT LOAN
There is no doubt that Canadian business owners, including startups, are more interested than ever in exploring govt small business loans under the Federal BIL/CSBF program. Those are the actual acronyms for the program that is offered/sponsored by Industry Canada in Ottawa. Most of us just call it the ' SBL' - the small business loan.
Companies looking for research and development funds should check out Canada's research and development refundable credit program, aka ' SR&ED'. Sr&ed claims can also be financed. It's important to distinguish between grants and loans for business funding needs.
3 ISSUES ON BEING SUCCESSFUL IN ACCESSING GOVERNMENT LOANS
At the end of the day understanding the rules of being successful in government-guaranteed loans comes down to just a few basic components
Qualifications
Documentation
Approval Requirements
FRANCHISES ARE SOLID CANDIDATES FOR SMALL BUSINESS LOAN FUNDING
So why is the SBL such a solid option when financing challenges are tough as ever? Of the 7000-8000 loans that are approved under the program, we would venture to say that many of those are startups or franchise acquisitions. Traditional financing for the start-up or franchising acquisition is tough to get, so government business loans offer a perfect solution to that need.
CANADIAN BANKS ADMINISTER THE LOAN FOR THE GOVERNMENT OF CANADA
While many business owners mistakenly think that they have to deal with ' the government ' for this financing the truth is all it takes is to seek out and find a Canadian banker that is knowledgeable and supportive of the program. (In our experience let's just say that some bankers either aren't interested or not qualified to successfully back your request - Enough said!)
All business owners and managers are in favour of increasing their odds of approval - making the program uncomplicated and straightforward is what we are trying to convey.
SMALL BUSINESS LOANS HELP YOU OVERCOME THE NEEDS OF BANKS AND OTHER COMMERCIAL LENDERS
While we do basically agree that there are more choices than ever for non-bank financing in Canada today we also recognize that the requirements from many commercial finance companies don't allow everyone to achieve financing success. So business owners/ managers seeking loans for their business are often asked for:
100% personal guarantees
Outside collateral
Co-signers
Other requirements from other lenders might include:
Strict covenants and ratio maintenance, Penalties when you get successful and want to prepay the loans!
5 GREAT BENEFITS OF THE CANADA SMALL BUSINESS FINANCING PROGRAM
So where do government business loans weigh in on in those areas?
Well get ready, because it’s all good news:
100% Personal guarantees for SBL financing is not required
No outside collateral is required
Co-signers are not accepted by the program
No ongoing covenants need to be maintained
Prepayment of the loan comes with no penalties
Bottom line - It just doesn't get any better!
CONCLUSION
Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can help you out with the rules of government business loans and funding approval for your business.
P.S. The loan maximum under the program is $1,000,000.00 with certain conditions, and your startup or business must have projected or actual revenues less than 10Million dollars.
